We recently published our Consumer Response Annual Report, which provides an overview of the complaints we received in 2016.
New data shows payday and
similar loans lead to consumers trapped in debt and our proposed rule aims to
help those consumers.
New data shows payday and similar loans lead to consumers trapped in debt and our proposed rule aims to help those consumers.
Join the CFPB’s Consumer Advisory Board for a meeting with Director Cordray where we will discuss an auto lending education initiative, trends and themes, and payday lending.
The hearing will feature remarks from CFPB Director Richard Cordray as well as testimony from consumer groups, industry representatives, and members of the public.
We recently released a study about payments for online payday loans and other high-cost online loans and their effects on consumers. We found that online lenders’ repeated attempts to debit payments from a borrower’s checking account add significant costs to online payday loans.
An important part of the CFPB’s mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. Today, we’re posting a semiannual update of our rulemaking agenda as part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions.
Since 2011, we have secured over $10.8 billion dollars in relief for more than 25 million consumers harmed by illegal practices.
Join us for a Consumer Advisory Board meeting with Director Cordray on Thursday, June 18 from 10 a.m. to 4 p.m. CST. During this meeting we will discuss trends and themes in consumer financial markets and recent proposals related to payday loans, auto-title loans, and other longer term credit products.
An important part of our mandate is to make rules more effective and create new rules when necessary. Today, we’re posting a semi-annual update of our rulemaking agenda as part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions.
Today, we held a field hearing on payday lending in Richmond, Va. The hearing featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. The live event has now ended, but we’ll have a recording available here soon.
Join us for a field hearing in Richmond, Va. on payday lending. The hearing will take place on Thursday, March 26 at 12 p.m. EDT.
Today, we’re posting a semi-annual update of our rulemaking agenda in conjunction with a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of Regulatory and Deregulatory Actions across the federal government. Our regulatory agenda includes rulemaking actions in the following stages: pre-rule, proposed rule, final rule, long term actions, and completed actions.
Today, we’re posting a semi-annual update of our rulemaking agenda in conjunction with a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of Regulatory and Deregulatory Actions across the federal government. Under the Regulatory Flexibility Act, federal agencies are required to publish regulatory agendas twice a year.
We announced an enforcement action against one of the largest short-term, small-dollar lenders in the country. The company has agreed to reimburse up to $14 million and pay a $5 million penalty for the violations and other misconduct. Read more about the enforcement action.
Payday loans are typically marketed as a way to get quick cash when you need it. They are generally for small amounts due quickly, like on your next payday, and they often give the lender a claim on your bank account. They are sometimes also called cash advance loans. We’ve heard from people who like […]
Starting today, you can submit payday complaints to us. So this seems a good time to remind you that if you are a servicemember on active duty you, your spouse, and certain dependents have the protection of a special law called the Military Lending Act (MLA). The MLA says that you can’t be charged an […]
August is usually a time when military families are wrapping up duty station moves, squeezing in summer vacations, and getting the kids enrolled in school. The hazy days of summer are not exactly the time when military parents (or kids) are thinking about December holiday wish lists, door-buster sales, and gift wrapping. But, believe it […]
Read our white paper on payday loans and deposit advance products.
Today, a federal district court entered an order that returns money to the pockets of American consumers and stops a company from violating laws. The case also represents a landmark for us: it’s the first time we’ve joined with state attorneys general in filing suit to enforce consumer-financial-protection laws. The order is a win for […]
Public input is tremendously important to our work at the CFPB. At our January field hearing in Birmingham, we had the opportunity to gather information directly from Alabamans about their experiences with payday loans. We’d also like to hear from you. The CFPB is inviting public comments for the record. Please take this opportunity to […]
Yesterday, Director Cordray kicked off our field hearing on payday lending in Birmingham, Ala., by explaining why he was there and what the Bureau wants to learn from consumers about payday loans.
Today, the Consumer Financial Protection Bureau traveled to Birmingham, Ala., for our first field hearing. We gathered to discuss and collect information on payday lending. The payday lending market is a multi-billion dollar industry in the United States, and Alabama has one of the largest concentrations of payday lenders in the country.